Laserfiche WebLink
<br />Proposed Letter of Intent to Negotiate with the <br />John Benjamin Company <br /> <br />-1595 Washington and 268 Parrott- <br /> <br />Property Background and Overview: <br />. Redevelopment Agency acquired 1595 Washington from EBMUD in October <br />2004, intending to land-bank it in order to control the future of this strategic <br />downtown comer. <br />. The property was appraised at $475,000 in 2004; Agency bought it for $465,000 <br />due to approximately $10,000 of asbestos remediation. <br />. Agency also owns adjacent parcel at 268 Parrott Street. <br />. Both properties are in the Joint Project Area and are zoned Community <br />Commercial (CC); outright permitted uses in this zoning district include, but are <br />not necessarily limited to: office; retail; restaurants; and mixed-use residential. <br />. When combined, both parcels equal 18,375 square feet (approx. 0.42 acres). <br /> <br />Request for Proposals (RFP) Process: <br />. Business Development Committee gives consent to release RFP (July, 2005). <br />. RFP publicly released to development community (September, 2005). <br />. Six development proposals received. <br />. Four developers selected for interviews conducted Feb. - June, 2006 <br />. Two qualified developers (EF Communities and the John Benjamin Company) <br />selected for follow-up interviews (July, 2006). <br />. Agency, CMO, and Community Development staff conducts developer review <br />and analysis of proposals. <br />. EF Communities selected to develop 1595 Washington and 268 Parrott (October, <br />2006). <br />. Agency enters into exclusive negotiations with EF Communities (January, 2007). <br />. EF Communities officially withdraws proposal from negotiations (June, 2007). <br />. Redevelopment Agency staff proposes to enter into exclusive negotiation <br />agreement with John Benjamin Company to develop 1595 Washington and 268 <br />Parrott (July, 2007). <br /> <br />Staff Recommendation: <br />. At this time, Agency staff recommends entering into an exclusive negotiation <br />period (not to exceed 8 months) with the John Benjamin Company via the signing <br />of a letter of intent to negotiate, with the ultimate goal of entering into a <br />Disposition and Development Agreement (DDA). <br />